● 本报记者 彭扬 欧阳剑环 三是健全功能完善的金融市场。针对不同层面的投融资需求，积极发展股权、债券等直接融资，完善市 场基础制度，提升包容性和适应性，做优增量、盘活存量，加强投资者保护，推动货币市场发展，健全 外汇市场产品体系，规范发展黄金市场、票据市场，稳慎有序发展期货和衍生品市场，促进市场基础设 施有序联通，发挥金融市场有效配置资源、发现价格和管理风险的作用。 四是建设更高水平的开放型金融新体制。越发展越开放，要坚持统筹发展和安全，持续促进贸易和投融 资便利化，扩大我国金融市场对外开放。推进人民币国际化，提升资本项目开放水平。加快建设上海国 际金融中心，巩固提升香港国际金融中心地位，加强对"一带一路"的金融支持，坚持多边主义原则，积 极推动全球金融治理改革，以高水平开放促进高质量发展。 五是构建可持续的金融生态。重视金融生态对金融业发展的关键影响。强化清晰的产权界定、公平的竞 争规则、有效的契约执行、适度的融资成本、有力的权益保护。约束金融行业内卷式竞争，保持合理的 盈利空间。 中国人民银行副行长陶玲11月14日在第十六届财新峰会上表示，"十五五"时期是基本实现社会主义现代 化的关键时期，新形势、新任 ...

中国央行副行长：深化金融改革有五个重点方向 中新社北京11月14日电 (记者 夏宾)中国央行副行长陶玲14日在北京参加第十六届财新峰会时，谈及进 一步深化金融改革的五个重点方向。 一是加快完善中央银行制度。二是增强金融机构、产品和服务的适配性。三是健全功能完善的金融市 场。四是建设更高水平的开放型金融新体制。五是构建可持续的金融生态。 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 陶玲称，针对不同层面的投资、融资需求，积极发展股权、债券等直接融资，完善市场基础制度，提升 包容性和适应性，做优增量，盘活存量，加强投资者保护。推动货币市场发展，健全外汇市场产品体 系，规范发展黄金市场、票据市场，稳慎有序发展期货和衍生品市场，促进市场基础设施有序联通，发 挥金融市场有效资源配置、价格发现和管理风险作用。 陶玲说，越发展越开放。要坚持统筹发展和安全，持续促进贸易和投融资便利化，扩大中国金融市场对 外开放，推进人民币 ...

Core Viewpoint - The article emphasizes the importance of accelerating the construction of a financial powerhouse in China as part of the national modernization strategy, highlighting key tasks and initiatives outlined in the 15th Five-Year Plan [1]. Group 1: Major Tasks and Initiatives - Continuous improvement of the central bank system, including the establishment of a robust monetary policy framework and a comprehensive macro-prudential management system, while maintaining the stability of the RMB exchange rate and promoting its internationalization [2]. - Deepening the "five major articles" of finance, which includes enhancing financial support for technological independence, promoting green transformation, and developing a sustainable inclusive finance system [2]. - Promoting the healthy and stable development of capital markets by improving their inclusiveness for new industries and technologies, and establishing a comprehensive regulatory system for listed companies [2]. Group 2: Financial Infrastructure and Regulation - Further optimization of financial institutions and infrastructure, encouraging various financial entities to focus on their core businesses and improve governance [3]. - Accelerating the construction of international financial centers, particularly in Shanghai and Hong Kong, to enhance their influence and support the development of offshore RMB business [3]. - Comprehensive enhancement of financial regulatory capabilities, including strengthening oversight across all financial activities and improving early warning mechanisms for financial risks [3]. Group 3: Legal Framework - Strengthening financial legal construction by completing financial legislation and enhancing enforcement against illegal financial activities, ensuring a zero-tolerance approach to violations [3].

Core Viewpoint - The Hong Kong International Financial Leaders Investment Summit highlighted the importance of Hong Kong's role in global finance and the opportunities presented by the "15th Five-Year Plan" for its future development [1][2]. Group 1: Economic and Financial Developments - Hong Kong is recognized as the world's freest economy and has achieved significant rankings in global talent and competitiveness, with a rise to fourth in the World Talent Ranking and third in the World Competitiveness Report [5]. - The Hong Kong stock market has seen a year-to-date increase of over 30%, with a significant rise in daily trading volume, nearly doubling compared to the previous year [5]. - In the first ten months of the year, Hong Kong completed 80 IPOs, raising over $26 billion, making it the top global market for IPO fundraising [5]. Group 2: Financial Infrastructure and Innovation - The Hong Kong government is working on reforms to enhance the listing mechanism, facilitate overseas financing, and improve transaction and risk management efficiency [5]. - A roadmap for the development of fixed income and currency markets was released, aiming to enhance primary market issuance and increase secondary market liquidity [6]. - Hong Kong has over 1,200 fintech companies and is committed to becoming a global hub for digital assets, supported by a forward-looking regulatory framework [6]. Group 3: Cross-Border Financial Cooperation - The People's Bank of China is focused on deepening the interconnection between mainland and Hong Kong financial markets, enhancing the offshore RMB market, and optimizing cross-border financial services [9][10]. - Initiatives such as "Bond Connect" and "Wealth Management Connect" have been expanded to facilitate cross-border investment and improve market access for foreign investors [9][10]. - The Chinese government is committed to supporting Hong Kong's development as an international financial center, particularly in the context of the Greater Bay Area and the Belt and Road Initiative [12][14]. Group 4: Regulatory and Risk Management - The China Securities Regulatory Commission is set to introduce more measures to enhance the openness of the capital market and improve cross-border investment facilitation [16][18]. - There is a focus on strengthening regulatory cooperation to prevent financial risks and ensure the stability of the financial system [19]. - The regulatory framework will be enhanced to support the development of green finance and digital currency, promoting sustainable financial practices [15][19].

Core Viewpoint - The "15th Five-Year Plan" outlines significant development opportunities for Hong Kong, emphasizing its role as a bridge between China and the world, and the importance of global financial governance reform [3][4]. Group 1: Hong Kong's Economic Position - Hong Kong is recognized as the world's freest economy and ranks fourth in global talent according to the 2025 World Talent Ranking, achieving its highest position ever [8]. - The Hong Kong stock market has seen over 30% growth this year, with a significant increase in daily trading volume, nearly doubling from last year [8]. - In the first ten months of the year, Hong Kong completed 80 IPOs, raising over $26 billion, leading the global IPO fundraising rankings [8]. Group 2: Financial Market Reforms - The Hong Kong government is reforming its listing mechanisms to facilitate overseas companies' financing and enhance transaction and risk management efficiency [9]. - A roadmap for the development of fixed income and currency markets was released, aimed at increasing primary market issuance and enhancing secondary market liquidity [9]. Group 3: Cross-Border Financial Cooperation - The People's Bank of China is focused on deepening the interconnection between mainland and Hong Kong financial markets, optimizing mechanisms like "Bond Connect" and "Wealth Management Connect" [13][15]. - As of September, 1,176 foreign institutions have entered the mainland bond market, with a total bond holding of approximately 3.8 trillion yuan [13]. Group 4: Future Development Initiatives - The Chinese government aims to support Hong Kong in becoming a global cross-border wealth management center, enhancing its financial infrastructure and tax regime for funds and family offices [9][19]. - There is a commitment to strengthen cooperation in areas such as technology, green finance, and digital finance, leveraging Hong Kong's advantages in innovation and intellectual property protection [20].

Core Viewpoint - The article emphasizes the importance of Hong Kong's role in global financial governance and its potential for future development, supported by the central government during the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [2]. Group 1 - Hong Kong is positioned to leverage its unique advantages of being connected to the mainland and the world, contributing significantly to national reform and development while ensuring its own stability [2]. - The "15th Five-Year Plan" includes important provisions for supporting Hong Kong's development, indicating a promising future with new opportunities [2]. - The current global landscape is undergoing significant changes, and the Chinese government is committed to promoting a more just and reasonable global governance system, with financial governance being a key component [2]. Group 2 - The Chinese government prioritizes the promotion of global economic and trade stability, aiming to expand high-level institutional openness and collaborate with various parties to address challenges in the global economic landscape [3]. - There is a focus on maintaining a healthy and stable international economic order, injecting stability and positive energy into the uncertain global economic and financial system [3].

Group 1 - The People's Bank of China (PBOC) is committed to advancing high-level bilateral financial openness while maintaining national financial security [1] - The PBOC aims to steadily promote institutional openness in the financial services sector and financial markets, facilitating trade and investment financing [1] - There is a focus on cautiously advancing the internationalization of the Renminbi, enhancing its functions as an international currency in pricing, payment, investment, financing, and reserves [1] Group 2 - The PBOC is working on the development of international financial centers in Shanghai and Hong Kong [1] - Financial support for the Hainan Free Trade Port's operations and high-quality development is a priority [1] - The PBOC is actively engaging in global governance initiatives and promoting reforms in global financial governance [1] Group 3 - There is a continuous effort to develop a self-controlled cross-border payment system [1] - The PBOC will monitor and assess the impact of overseas economic conditions and policies on China [1] - A strong commitment to safeguarding national financial security is emphasized [1]

Core Viewpoint - The article emphasizes the importance of the financial sector in achieving high-quality development and supporting China's modernization goals during the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [2]. Group 1 - The financial system is urged to actively participate in implementing the national "15th Five-Year Plan" and to transform strategic directions into concrete actions [2]. - There is a strong commitment to advancing risk prevention, enhancing regulation, and promoting high-quality development within the financial sector [2]. - The article highlights the need for higher levels of openness in the financial field to support the main objectives of the "15th Five-Year Plan" [2]. Group 2 - The current global financial landscape is characterized by significant challenges and opportunities, necessitating China's active participation in global financial governance [2]. - China aims to contribute to the reform of global financial governance and maintain a fair international economic and financial order [2]. - Beijing's financial ecosystem is recognized for its deep-rooted strengths, with plans to optimize its development and deepen financial reform and opening-up [3].

Core Viewpoint - The People's Bank of China emphasizes the importance of advancing high-level financial openness while ensuring national financial security [1] Group 1: Financial Policy and Strategy - The meeting highlighted the need to steadily promote the internationalization of the Renminbi and expand its use in trade [1] - There is a focus on orderly deepening the two-way opening of financial markets and developing the offshore Renminbi market [1] - The aim is to facilitate trade and investment financing [1] Group 2: Financial Center Development - The construction of international financial centers in Shanghai and Hong Kong is a priority [1] - There is a commitment to building a self-controlled, multi-channel, and widely covered cross-border payment system for the Renminbi [1] Group 3: Global Financial Cooperation - The initiative includes actively practicing global governance proposals and pragmatically conducting financial diplomacy [1] - The focus is on multi-lateral and bilateral currency and financial cooperation, as well as participating in and promoting global financial governance reform [1]

1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints of the Report The report comprehensively analyzes various policies from September 5th to September 20th, 2025, including macro - economic, fiscal, monetary, financial regulatory, real estate, and tariff policies. It aims to provide an overview of the current economic policy environment and potential impacts on different sectors [1][2][3]. 3. Summary by Directory 3.1 Macro - economic Tone - The government is promoting the construction of a unified national market and expanding service consumption. Measures include rectifying disorderly competition, boosting consumer spending with about 420 billion yuan in fiscal support driving over 2.9 trillion yuan in sales, and promoting private investment [1][11][12] - The State Council has deployed measures to promote private investment, aiming to expand investment space, ensure fair competition, and support private capital in new areas [13][16] 3.2 Fiscal Policy - The fiscal policy is more active, with a focus on using special bonds to repay government arrears to enterprises. As of September 19th, 2025, 1.1506 trillion yuan of special bonds have been issued, exceeding the annual limit of 800 billion yuan [17] - Over 60% of financing platforms have exited, and 4 trillion yuan of the 6 - trillion - yuan special debt quota has been issued. The government debt risk is under control, and it plans to issue part of the 2026 local government debt quota in advance [18][19] 3.3 Monetary Policy - The central bank has optimized and simplified the evaluation indicators for primary dealers, which helps to improve the transmission of interest rates and strengthen the benchmark nature of the Treasury yield curve [21] - The 14 - day reverse repurchase operation has been adjusted to a fixed - quantity, interest - rate tender, and multiple - price winning bid method, further strengthening the policy interest rate status of the 7 - day reverse repurchase [22] - The global financial stability system faces challenges such as fragmented regulatory frameworks, insufficient regulation in digital finance, and weak regulation of non - bank intermediaries [23] 3.4 Financial Supervision - A draft for public comments on the management regulations of public fund sales fees has been released, and the second batch of science and technology innovation bond ETFs will be listed on September 24th [26] - New regulations for insurance, trust, and securities industries have been introduced, including the "Insurance Company Capital Guarantee Management Measures", the "Trust Company Management Measures", and the start of the self - evaluation of securities company classification [27][28] - The controlling rights of three AMC companies have been transferred to Central Huijin. There are concerns about the liquidity risk of funds concentrated in the technology sector, and the proportion of cash wealth management in August reached a new low for the year [29] 3.5 Real Estate Policy - Shenzhen has relaxed purchase restrictions in multiple districts, and Shanghai has exempted first - home buyers from property tax under certain conditions [32] - Shenzhen has released a draft for public comments on the housing provident fund management measures, and Beijing and Shanghai have adjusted the upper and lower limits of the monthly housing provident fund payment base [33] 3.6 Tariff Policy - Chinese and US leaders had a phone call, and the two sides reached a basic framework on issues such as TikTok. China opposes the politicization of technology and economic and trade issues [36][37]